Bitcoin Price Could Surge to $80-90k in Event of Trump Victory, Bernstein Predicts: Impact of Harris Presidency Uncertain
Private wealth management firm Bernstein has made a projection regarding Bitcoin’s price movement in connection with the upcoming US Presidential elections in November 2024. According to the report, Bitcoin is considered a “Trump trade,” suggesting that a victory for the former US President could drive the primary digital currency to a new all-time high of up to $90,000 in the fourth quarter of 2024.
Conversely, if the current Vice President and Democratic candidate Kamala Harris were to win, Bitcoin might face challenges, potentially breaking its current support level at $50,000 and experiencing a decline to the $30,000 to $40,000 range. Analysts Gautam Chhugani, Sanskar Chindalia, and Mahika Sapra from Bernstein shared these insights in a client memo dated September 9, 2024.
The analysts elaborated on the rationale behind their divergent forecasts, highlighting that while the digital assets industry has engaged individuals from both ends of the political spectrum, it has garnered more support from the Trump camp. Recent industry developments seem to align with these observations. For example, in July 2024, Trump expressed his backing for the crypto sector, indicating his readiness to remove Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), who is perceived as anti-crypto within the industry.
Furthermore, Trump declared in August 2024 his ambition to position the US as the “crypto capital of the world,” criticizing the Biden administration’s approach toward crypto-related businesses in the country. This shift in stance by Trump has been noted within the crypto community.
While Trump appears to enjoy favorable sentiments within the crypto sphere, the Democrats face the task of bridging the gap with the Republican candidate in terms of industry support. Nonetheless, there is still potential for the Democrats to make headway, considering Trump’s own evolution from a Bitcoin skeptic to a strong advocate for digital assets.
Recent reports have hinted at a possible change in the Democrats’ stance toward cryptocurrencies under a Harris administration. It was also revealed that Harris’ political campaign is now accepting cryptocurrency donations through Coinbase’s Commerce platform.
As of the latest update, Bitcoin is trading at $55,272, reflecting a 2.2% increase in the past 24 hours. The future trajectory of this digital asset remains uncertain, with the possibility of reaching new all-time highs or experiencing a decline to $30,000 in the coming months. Time will be the ultimate judge of these potential outcomes.
